by Robert Peston - £9.99 Hodder & Stoughton (2008)
paperback ISBN 13: 9780340839447 | ISBN 10: 0340839449
On 13 September 2007, Robert Peston broke the news that Northern Rock had become a victim of the global credit crunch and was seeking an emergency loan from the Bank of England. It was the latest in a long line of scoops by this award-winning journalist. Over the weeks that followed, the Government found itself exposed to the Rock to the tune of 57 billion, or almost £2000 for every taxpayer.
As Robert Peston shows in his fascinating new book, the seeds for the collapse of Northern Rock and the upheavals in the financial markets were sown years before.
WHO RUNS BRITAIN? is the first time anyone has drawn all the threads together to weave a story that's rich in extraordinary characters and outrageous feats of economic bravado. This book is about the widening gap between the super-rich and the rest of us. It explores and explodes the myth that the financial creativity of those who are amassing these vast fortunes is good for the wider economy and for all of us.
Whether you're a financial expert or just have a bank account, WHO RUNS BRITAIN? is a book you must read.
"Starkly lucid ... reading Peston's book, you can only be flabbergasted all over again at how Labour kowtowed to wealth, glorified the City and put all the nation's economic eggs in one dangerous basket."
(Polly Toynbee, The Guardian)
"Can't tell your private-equity gambit from your hedge-fund finagle? Unsure what happened to the pension fund on which you were relying? Here's the clearest, most erudite explanation around."
(Peter Preston, The Observer)
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In booklists: Capitalism, Corporate Power & Globalisation, Politics of Modern Britain, Economics and Economic Alternatives, Labour Party, In categories: Anti-Capitalism & Global Inequality, Politics & Philosophy, Ireland, Scotland & Wales, Changing the World,